It can be challenging sometimes to make ends meet or achieve your goals during retirement when you are on a fixed income. But thankfully, there are some options that can help you increase your cash flow during retirement If you are a homeowner. Here are a few ideas to consider.
Options for Increasing Cash Flow in Retirement
- You can try modifying your home loan. Sometimes, it is possible to modify your loan without refinancing to a new mortgage. If the lender agrees, you may be able to reduce your interest rate this way. Loan modification also can be used to lengthen the term so you have more time to pay off your mortgage. That means your monthly payments will be lower. Loan modification typically becomes an option after enduring a hardship that has caused you to experience financial distress. If your mortgage is more affordable, you will have more money in your budget each month to save or put toward other expenses.
- You can apply to refinance your mortgage in Florida. Another possible solution might be to refinance your home loan altogether. Refinancing can also help you reduce your interest rate or extend your loan term. If you have an adjustable rate mortgage that has ballooned, you can lock in a low fixed rate for the future, restoring financial stability and peace of mind. Refinancing your mortgage may also be a good idea if you want to consolidate high interest debts.
- You can downsize. In some cases, the best solution to increase financial flexibility as a senior might be to downsize to a more affordable home. If you are very attached to your current home, that might not be an option you are willing to consider. But if you are not, there are many beautiful Florida properties out there that might be more affordable for you.
- You can apply for financial assistance. Sometimes, if you need money for a specific purpose such as a home repair, you might be able to apply for financial assistance programs offered through the government specifically for seniors. If you qualify for such a program, you might not need to make any major changes in your life to get the money you need to achieve your goals.
- You could consider a reverse mortgage. One more idea that is worth considering is applying for a reverse mortgage in Florida. This option may be ideal if you:
- Own significant equity in your home.
- Are planning to stay in your home for the foreseeable future.
- Are over 62.
- Do not want to pass your house down to your heirs to keep (and/or they can afford to pay off the reverse mortgage after you die).
You receive the money from a reverse mortgage as cash, and can use it as you want, making it one of the most flexible financing options available to seniors.
We Can Help You Find Financial Solutions During Retirement
It can be difficult trying to figure out what financing options make the most sense on your own. Premier Lending Corp can help you review your financial situation and your plans for the future, and identify options that may be suitable for you. To get started, please call us today at 954-840-8811.